New Illinois laws, taxes in effect July 1: Increases to gas tax, cigarette taxes and more - NBC 5 Chicago
Summary
Illinois has enacted new laws and taxes effective July 1st, potentially impacting various businesses. While the article doesn't specify how these changes affect STRs, it's crucial for Illinois hosts to stay informed about local tax regulations. You should research if these new taxes apply to your STR operations.
Key Insights
- •New Illinois laws and taxes went into effect July 1st.
Action Items
- ✓Hosts in Illinois should research these new laws and taxes to determine their impact on their short-term rental business.Effort: lowImpact: medium
Watch Out For
- ⚠Failing to comply with new tax regulations could lead to penalties and fines.
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